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Converting to Quicken

    Question

  • I guess it's time to do it. I will miss Money. Any tips on getting the
    conversion to go smoothly?

    Saturday, July 03, 2010 12:54 AM

All replies

  • After installing Quicken, get updated to the latest version before doing anything.  Quicken 2010 is on Release 10, and Releases 2-5 contained several updates to the Money Converter.  I don't remember if Quicken will automatically check for updates after install, or if you'll have to create a blank file and click on "Update" to trigger this.  Once you're updated, you can convert your Money file by selecting >File >File Import >Microsoft Money file.

    Playing around with a test file I just made, it looks like some of the issues I had after I converted may not be issues anymore.

    If I have time to convert Money again with Q10 R10 (I converted with R2, and later R5), I may be able to verify if any of my past problems are still problems.

    If you're a frequent trader and/or options trader, I would recommend having your confirmations available.  In my case, I got my entire 12-18 month brokerage account history when I enabled online services in Quicken after the conversion, and had to match tickers to investments, which was tough for matching the old letter-coded option tickers to the appropriate options, especially if I had traded multiple strikes/months calls/puts on the same underlying.

    After conversion, expect a few weeks of "Culture Shock" while getting used to how Quicken works.

    If you have any doubt about the quality of the conversion, keep running Money and Quicken in parallel, so that you will have an up-to-date Money file if you want to convert again.

    Good luck.

    Saturday, July 03, 2010 3:56 AM
  • Why do you feel that you need to do this? Money will keep working albeit without downloads and there are workarounds for that.
    Saturday, July 03, 2010 3:56 PM
  • On Sat, 3 Jul 2010 15:56:45 +0000, Bob Peel wrote:

    Why do you feel that you need to do this? Money will keep working albeit without downloads and there are workarounds for that.

    Because I want the downloads and bill pay.

    Sunday, July 04, 2010 1:49 AM
  • Fair enough!

     

    Bob Peel

    Tuesday, July 06, 2010 5:47 AM
  • I would have said give it a try.   However I think tips are probably in order.  Afraid I don't have them.

    An install of Quicken 2010 should automatically update to the latest version.    (per an install today).

    For me, the first attempt at conversion from money plus to quicken 2010 created a long log of complaint.   2332 entries saying not imported.   It isn't clear if it is giving more than one complaint for a single entry.  Most messages seem to be in pairs.     About half the message are related to a closed account.   Those I think I can live without.    Three complaints about accounts supposed being reconciled, which doesn't seem accurate.   When I reconcile accounts, I don't leave things in limbo.

    Example of a pair:

    Transaction Not Imported    Failed to find associated Money security for transaction.

    Transaction Not Imported    Failed to convert transaction dated 3/13/1998 in account "Long Gone Account" to Quicken 

    For this attempt, Quicken seems to have created some cash accounts for several mutual fund accounts that don't have cash accounts.  And manages to have a negative balance in a couple.

    The notion of running in parallel sounds useful advice.

     

     

     

     

    Thursday, July 08, 2010 4:55 AM
  • Saga onward.

    Most of the "Transaction Not Imported" items in my long list were planted way back when an earlier version of Money used MYM data as a starting point.   Somehow things wound up in Money as investment transactions instead of cash transactions.  Most can be gotten around.    

    The long gone closed account really is messed up.   As long having that hidden does not mess things up I'll be OK.  Otherwise may have to enter a kludge at the account close time. 

    A banking account with CD's didn't get handled with grace.   Still have to investigate that.  Think essentially Quicken didn't handle the closing transaction, with the transfer of funds from CD termination to the checking account.  The conversion complained about both getting the CD and redeeming the CD, though it looks like the CD purchase is accounting for on both sides.   

    I'm pretty close to the point of running in parallel.  Probably advisable.

     

     

     

     

    Friday, July 09, 2010 5:53 PM
  • Hi there,

    I'm a MS Money 2004 Standard user and want to convert to Quicken 2010. I downloaded a test version of Money 2007 US Version to do the first step of the file conversion but it didn't work, probably because I use the international version of Money 2004 (South Africa). Are there other options to migrate from Money to Quicken other than starting from scratch? Greetings from sunny South Africa. Joerg

    Thursday, September 16, 2010 8:56 AM
  • The only way to get from a non-US version to a US one is to export > import in loose QIF. Make sure when importing to use click + select to make sure you bring in all accounts at one go and capture inter-account transfers. Also you will have to reopen any closed accounts first.
    Friday, September 17, 2010 5:11 PM
  • I just did some research and saw a reference that Microsoft was going to develop a tool to make converting to Quicken go smoothly.  Did that every happen?

    I have Money 2007 and about 6 months ago I tried to install and convert to Quicken 2010.  I had about 2,000 errors of failure to import data.  Pretty much all of the problems were failure to import simple mutual fund/stock purchases and sales.  

    I depend on my Money database to be accurate so that after I retire and need to sell things I can accurately calculate the taxes due and I like to know pretty much to the penny how much money I have where.  So when I saw so many errors with Quicken, I uninstalled it and sent it back for a refund.

    I would like to be able to use Quicken so I can get future program upgrades, but I don't have time to dig through records to correct all the errors from trying to switch.  I'll continue using Money forever if I have to I guess since I have so much data in it.  But did or is Microsoft actually working on a conversion program that will really work well with Quicken?  Thanks J

    Monday, November 29, 2010 7:43 PM
  • For me, the first attempt at conversion from money plus to quicken 2010 created a long log of complaint.   2332 entries saying not imported.   It isn't clear if it is giving more than one complaint for a single entry.  Most messages seem to be in pairs.     About half the message are related to a closed account.   Those I think I can live without.    Three complaints about accounts supposed being reconciled, which doesn't seem accurate.   When I reconcile accounts, I don't leave things in limbo.

    You could temporarily reopen closed accounts in Money before re-converting. You might also go thru the list of issues while in your Money file to see if there is something odd about the other transactions that gave errors.

    Save the changed Money file, create a new Quicken file, and convert again.

    Monday, November 29, 2010 9:44 PM